Delfin Group

Annual / Quarterly Financial Statement • Apr 30, 2015

SIA "ExpressCredit"

ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014 AND CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2014

prepared in accordance with the International FINANCIAL REPORTING STANDARDS AS ADOPTED BY EU Translation from Latvian

TABLE OF CONTENTS

Information on the Group	3
Statement of management's responsibility	4
Management report	5
Corporate governance statement	6
Profit or loss account	7
Comprehensive income statement	7
Balance sheet	8
Statement of changes in equity	9
Cash flow statement	10
Notes	11 - 31
Independent Auditors' report	32

Information on the Company
Name of the Company	ExpressCredit SIA
Legal status of the Company	Limited liability company
Number, place and date of registration	40103252854 Commercial Registry Riga, 12 October 2009
Operations as classified by NACE classification code system	NACE2 64.92 Other credit granting
Address	Raunas street 44, Riga, LV-1039 Latvia
Names and addresses of shareholders (from	SIA Express Holdings (51%) Hāpsalas Street 1 k-1-17, Riga, Latvia
30.10.2013)	SIA Ebility (24,50%) Raunas Street 44 k-1, Riga, Latvia
	SIA AE Consulting (24,50%) Posma Street 2, Riga, Latvia
Names and positions of Board members	Agris Evertovskis - Chairman of the Board Edgars Bilinskis - Member of the Board Kristaps Bergmanis - Member of the Board from 11.07.2014 Didzis Admidins - Member of the Board from 11.07.2014
Names and positions of Council members	Edgars Turlajs- Chairman of the Council till 02.07.2014. leva Judinska-Bandeniece - Chairman of the Council from 10.07.2014. Uldis Judinskis - Deputy Chairman of the Council from 27.06.2014. Ramona Tiltina - Member of the Council from 27.06.2014.
Financial year	1 January - 31 December 2014
Information on the Subsidiary
Subsidiary	SIA ExpressInkasso (parent company interest in subsidiary - 100%)
Date of acquisition of the subsidiary	22.10.2010
Number, place and date of registration of the subsidiary Address of the subsidiary	40103211998; Riga, 27 January 2009 Raunas Street 44 k-1; Riga, LV 1039, Latvia
Operations as classified by NACE classification code system of the subsidiary	66.1 Financial support services except insurance and pension accrual
Name and address of the auditor	SIA "Potapoviča un Andersone" Certified Auditors' Company Licence Nr. 99 Udens Street 12-45, Riga, LV-1007 Latvia
	Responsible Certified Auditor Kristīne Potapoviča

Certificate Nr. 99

Statement of management's responsibility

The management of SIA "ExpressCredit" gorup is responsible for the preparation of the consolidated financial statements.

Based on the information available to the Board of the parent company of the Group, the financial statements are Based on the information available to the paralt of the parant since on the material of the mational of the Ground prepared on The Televant printing Toronan Union and present a tue and fair view of the Group's
Financial Reporting Standards as adopted by the European Union of the Stoup's Financial Reporting Othridalus as adoptod by the early of the profit and cash flows for 2014.

The management of the parent company confirms that the accounting policies and management estimates have The management of the parent company commit of the parent company confirms that the the been applied consistently and approphetely. The management on the principles of prudence and going concern.

The management of the parent company confirms that is responsible for maintaining proper accounting records The management of the parent company offing the Group's assets. The management of the parent company is .
The manitoring, controlling and safeguarding the Group's assets , do and for monitoring and preventing errors, irregularities and/or deliberate clata manipulation. The responsible for "delecting" and "preventing" chois," in ogalaritis "that Croup operates in compliance with the laws of the Republic of Latvia.

The management report presents fairly the Group's business development and operational performance.

Agris Evertovskis Chairman of the Board

Kristaps Bergmanis Member of the Board

Riga, 30 April 2015

Edgars Bilinskis Member of the Board Didzis Admidins Member of the Bbard

Management report

The Group's operations during the reporting year have been successful. Total revenues for the fiscal year increased by 21% compared to 2013, and totalled EUR 16 627 992.

Due to implementation of the chosen business strategy, the following financial ratios were achieved in 2014:

• during 2014 the Loan portfolio of the Group increased by 28% and as at the reporting date totals 6,2 million euro;
• the Group's assets as at 31 December 2014 equal 10.9 million euro;
• net profit of 2014 amounts to 1 401 563 euro (in 2013 379 116 euro).

During the reporting period SIA "ExpressCredit" has elected the Council and registered it in the Register of Enterprises in accordance with the terms of the issue of debt securities.

Branches

In the year 2014 the Group continued the work on development of the branch network, loan volume increase, and IT system development. As at 31 December 2014 the Group had 93 branches in 38 cities in Latvia (31.12.2013 93 branches in 38 cities).

Risk management

The Group is not exposed to significant foreign exchange rate risk because basic transaction currency is curo. Significant amount of funding of the Group consist of fixed coupon rate bonds, so that the Group is not significantly exposed to variable interest rate risk. Accurate application of the prudent strategies chosen has allowed the Group to successfully manage its financial risks, particularly the liquidity and credit risk.

Post balance sheet events

On 12 February 2015 the Parent company and the Riga City Council has signed a contract on purchase of 569 148 (100%) shares of SIA "Riga City Pawnshop" which were auctioned by the former owner. The purchase 000 Flo (1807) charge of Gilly paid on 18 February 2015. On 23 February 2015 the transaction was registered in the Companies' Register.

Except for the above, there are no other subsequent events since the last date of the reporting year, which would have a significant effect on the financial position of the Company as at 31 December 2014.

Future prospects

In 2015 the Group plans to strengthen its market leadership and improve the branch network. It is planned that the Group's portfolio and profit dynamics will have an upward trend compared to 2014 results.

Distribution of the profit proposed by the Group

The Parent Company's board recommends the profit of 2014 to pay out in dividends, respecting the restrictions applied to debt securities emissions.

Agris Evertovskis

Chairman of the Board

Kristaps Bergmanis Member of the Board

Riga, 30 April 2015

Edgars Bilinskis Member of the Board

Didzis Admidins Member of the Board

Corporate governance statement

The corporate governance report of SIA "ExpressCredit" for 2014 has been prepared in accordance with the Riga The corporate governance is expressiones issued in 2005 and recommendations as to their implementation.

The corporate governance report has been prepared by the Board and reviewed by the Council of SIA "ExpressCredit".

The corporate governance principles have been tailored to match the needs of SIA "ExpressCredit" as cosely as The corporate governance principle half complied with most of the principles. Having regard the "complied with or have possible, and in 2014 CAPressor our formation on the principles which have not been compled with or have explain "phriople, the report presents the infored in the circumstances causing non-compliance in 2014.

The report will be submitted to AS NASDAQ OMX Riga (hereinafter - the Stock Exchange) concurrently with the The Teport will be Submitted to AS NAOD (4 Oili' for publishing on the website of the Stock Exchanges readly audited financial statements on "Expressoredit" (1) 2017) en polyels it e of a sole en " (ExpressCredit" http://www.lombards24.lv/lat/investoriem/ in the section "For investors" in Latvian and English.

Edgars Bilinskis Agris Evertovskis Member of the Board Chairman of the Board Didzis Admidins Kristaps Bergmanis Member of the Board Member of the Board

Riga, 30 April 2015

Profit or loss account for the year ended 31 December 2014

	Notes	Parent company 2014 EUR	Group 2014 EUR	Parent company 2013 EUR	Group 2013 EUR
Net sales	1	7 650 397	7 987 859	6 395 631	6 395 631
Cost of sales	2	(5 596 572)	(5 881 617)	(4 678 868)	(4 678 868)
Interest income and similar income	3	8 463 985	8 640 133	7 278 436	7 304 487
Interest expenses and similar expenses	4	(1 175 458)	(1 216 106)	(1 422 860)	(1 425 319)
Gross profit		9 342 352	9 530 269	7 572 339	7 595 931
Selling expenses	5	(4 812 824)	(4 880 420)	(4 397 795)	(4 405 302)
Administrative expenses	6	(1 877 951)	(1 883 023)	(1 329 204)	(1 332 376)
Other operating income	7	56 328	56 328	32 378	32 637
Other operating expenses	8	(1 225 712)	(1 226 186)	(1 309 495)	(1 312 750)
Profit before taxes		1 482 193	1 596 968	568 223	578 140
Corporate income tax for the reporting year Deferred tax	9 9	(263 264) 90 633	(286 038) 90 633	(224 730) 26 787	(225 810) 26 787
Current year's profit		1 309 562	1 401 563	370 280	379 117
Earnings per share		3.07	3.28	0.87	0.89
Comprehensive income statement for 2014		2014 EUR	2014 EUR	2013 EUR	2013 EUR
Current year's profit		1 309 562	1 401 563	370 280	379 116
Other comprehensive income Total comprehensive income		1 309 562	1 401 563	370 280	379 116

Notes on pages from 11 to 31 are integral part of these financial statements.

Edgars Bilinskis Agris Evertovskis Member of the Board Chairman of the Board Didzis Admidins Kristaps Bergmanis Member of the Board Member of the Board Riga, 30 April 2015

Balance sheet as at 31 December 2014		Parent company	Group	Parent company	Group
Assets	Notes	31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013. EUR
Long term investments		EUR	EUR	EUR	449 822
Fixed assets and intangible assets	10	393 949	393 949	449 822	297 709
Loans and receivables	15	462 610	462 610	297 709
Loans to shareholders and					1 942 057
management	12	1 295 066	1 295 066	1 942 057 2 846
Participating interest in subsidiaries	11	2 846		26 787	26 787
Deferred tax asset	13	117 420	117 420	2 719 221	2 716 375
Total long-term investments:		2 271 891	2 269 045
Current assets			1 345 338	1 012 380	1 012 380
Finished goods and goods for sale	14	1 345 338	5 829 700	4 260 989	4 602 466
Loans and receivables	15	5 401 363
Receivables from affiliated			208 873	547 606	512 979
companies	16	484 492 80 536	80 676	748 701	755 229
Other debtors	17	27 762	30 089	25 581	29 094
Deferred expenses	18	1 197 128	1 197 718	720 753	790 889
Cash and bank Total current assets:	19	8 536 619	8 692 394	7 316 010	7 703 037
Total assets		10 808 510	10 961 439	10 035 231	10 419 412
Liabilities Shareholders' funds: Share capital	20	426 861	426 861	426 862	426 862 1 016 585
Prior years' retained earnings		279 540	295 703	1 009 259 370 280	379 117
Current year's profit		1 308 562	1 401 563	1 806 401	1 822 564
Total shareholders' funds:		2 015 963	2 124 127
Creditors:
Long-term creditors:	21	6 471 466	6 471 466	3 108 191	3 108 191
Bonds issued	22	596 676	596 676	753 094	753 094
Other borrowings Total long-term creditors:		7 068 142	7 068 142	3 861 285	3 861 285
Short-term creditors:
Bonds issued	21	992 436	992 436	984 967	984 967
Other borrowings	22	30 341	30 341	531 723	894 130
Accounts payable to affiliated
companies	23			2 091 469	2 091 469
Trade creditors and accrued					407 220
liabilities	24	433 355	454 441	404 778 354 608	357 777
Taxes and social insurance	25	268 273	291 952	4 367 545	4 735 563
Total short-term creditors:		1 724 405	1 769 170
Total liabilities and shareholders' funds		10 808 510	10 961 439	10 035 231	10 419 412

Notes on pages from 11 to 31 are integral part of these financial statements.

Agris Evertovskis Chairman of the Board

Kristaps Bergmanis
Member of the Board

Riga, 30 April 2015

Edgars Bilinskis
Member of the Board

Didzis Admidins
Member of the Board

Sstatement of changes in equity of the Parent Company's for the year ended 31 December 2014

	Share capital	Prior years' Current year's profit		Total
	EUR	retained earnings EUR	EUR	EUR
As at 31 December 2012	426 862	270 692	821 652	1 519 206
Dividends paid		(83 085)		(83 085)
Profit transfer		821 652	(821 652)
Profit for the year			370 280	370 280
As at 31 December 2013	426 862	1 009 259	370 280	1 806 401
Dividends paid		(1 100 000)		(1 100 000)
Profit transfer		370 280	(370 280)
Denomination of the share capital	(1)	1
Profit for the year			1 309 562	1 309 562
As at 31 December 2014	426 861	279 540	1 309 562	2 015 963

Statement of changes in equity of the Group for the year ended 31 December 2014

	Share capital	Prior years' retained earnings EUR	Current year's profit	Total
	EUR		EUR	EUR
As at 31 December 2012	426 862	278 119	821 552	1 526 533
Dividends paid		(83 086)		(83 086)
Profit transfer		821 552	(821 552)
Profit for the year			379 117	379 117
As at 31 December 2013	426 862	1 016 585	379 117	1 822 564
Dividends paid		(1 100 000)		(1 100 000)
Profit transfer		379 117	(379 117)
Denomination of the share capital	(1)	1
Profit for the year			1 401 563	1 401 563
As at 31 December 2014	426 861	295 703	1 401 563	2 124 127

Notes on pages from 11 to 31 are integral part of these financial statements.

ExpressCredit SIA ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS

ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS
OF CONSULTIONS FAR ENDED 31 DECEMBER 2014 FOR THE YEAR ENDED 31 DECEMBER 2014
FOR THE YEAR ENDED 31 DECEMBER 2014 THE YEAR ENDED 31 DECEMBERT (TRANSLATION)

Cash flow statement for the year ended 31 December 2014	Parent	Group	Parent company	Group
	company 2014 EUR	2014 EUR	2013 EUR	2013 EUR
Cash flow from operating activities	1 482 193	1 596 968	568 222	578 138
Profit before extraordinary items and taxes Adjustments for: a) fixed assets depreciation b) intangible assets amortisation	249 346 82 313	249 346 82 313	214 052 84 584 (12 671)	214 052 1 298 426 (12 671)
c) intangible assets amortisation d) write-off of provisions e) cessation results f) interest income g) interest and similar expense	1 044 659 (8 463 885) 1 175 458 (15 723) 13 441	(8 640 133) 1 216 106 (15 723) 13 441	1 210 996 (7 278 436) 1 410 451 5 767	(7 278 436) 1 410 451 5 767
h) write-off fixed and intangible assets Loss before adjustments of working capital and short-term liabilities	(4 432 198)	(5 497 682)	(3 797 035)	(3 784 273)
Adjustments for: a) increase in consumer loans issued (core business) and other debtors b) stock increase	(1 541 030) (381 806) (105 749)	(575 657) (381 806) (87 205)	(1 185 690) (67 150) (116 779)	(1 488 373) (67 150) (114 333)
c) trade creditors' decreases Gross cash flow from operating activities Corporate income tax payments	(6 460 783) (247 084) 8 324 699	(6 542 350) (249 243) 8 500 946	(5 166 654) (385 810) 7 254 428 1 701 964	(5 454 129) (390 620) 7 254 428 1 409 679
Interest income Net cash flow from operating activities	1 616 832	1 709 353
Cash flow from investing activities Acquisition of fixed assets and intangibles	(109 720)	(109 720)	(238 317)	(238 317)
Proceeds from sales of fixed assets and intangibles	54 656	54 656		(2 045 964)
Loans issued (other than core business of the Company) (net)	704 714	945 706	(2 045 964) 25 572	25 572 (2 258 709)
Assets held for sale Net cash flow from investing activities	649 650	890 642	(2 258 709)
Cash flow from financing activities Loans received and bonds issued (net)	4 340 000 (1 000 000)	4 340 000 (1 000 000)	2 953 868	3 316 275
Redemption of bonds Loans repaid Finance lease payments	(2 773 743) (58 805) (1 100 000)	(3 136 154) (58 805) (1 100 000) (1 238 207)	(16 705) (83 084) (1 719 156)	(16 705) (83 084) (1 719 156)
Dividends paid Interest paid Net cash flow from financing activities	(1 197 559) (1 790 107)	(2 193 166)	1 134 923	1 497 330
Net cash flow of the reporting year Cash and cash equivalents at the	476 375 720 753	406 829 790 889	578 178 142 575	648 300 142 589
beginning of the reporting year Cash and cash equivalents at the end of reporting year	1 197 128	1 197 718	720 753	790 889

Notes on pages from 11 to 31 are integral part of these financial statements.

1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1 - 1

10

Notes

Accounting policies

(a) Basis of preparation

These financial statements have been prepared based on the accounting policies and measurement principles as set out below.

These financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by The European Union (EU). Having regard to the EU's approval procedure, these Notes also list the standards and interpretations that are ne culopean officit (LD). The FU because the said standards and interpretations, if approved, may affected in the result statements in future periods. The valuation of assets and liabilities and net profit data of the company have not been affected in the result of transfer of IFRS.

The preparation of financial statements in accordance with IFRS requires the use of significant estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the information on contingent assets and liabilities at the balance sheet date and the revenues and costs for the reporting period. Although these are based on the information available to the management regarding the current events and actions, the actual results may differ from the estimates used. Critical assumptions and described in the relevant sections of the Notes to the financial statements.

The following new and amended IFRS and interpretations became effective in 2014 (including the 901 years) of been f rne ronowing Toul) and are applicable for the preparation of financial statements for the year ended 31 December 2014. None of these standards apply directly due to the nature of the operations of the Group.

• IFRS 10 "Consolidated financial statements" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

a IFRS 11 "Joint arrangements" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

· IFRS 12 "Disclosures of interests in other entities" (effective for annual periods beginning on or after 1 January 2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

· Amendments to IFRS 10, 11 and 12 on transition guidance (effective for annual periods beginning on or after 1 January

2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

· IAS 27 (revised in 2011) "Separate financial statements" (effective for annual periods beginning on or after 1 January

2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

· IAS 28 (revised in 2011) "Associates and joint ventures" (effective for annual periods beginning on or after 1 January

2013, endorsed by EU for annual periods beginning on or after 1 January 2014);

· Amendments to IFRS 10, IFRS 12 and IAS 27 on consolidation for investment entities (effective for annual periods beginning on or after 1 January 2014);

· Amendments to IAS 32 "Financial instruments: Presentation" on offsetting financial liabilities (effective for annual periods beginning on or after 1 January 2014);

· Amendments to JAS 36 "Impairment of assets" on recoverable amount disclosures (effective for annual periods beginning on or after 1 January 2014);

· Amendments to IAS 39 "Financial instruments: Recognition and measurement" on novation of derivatives and hedge accounting (effective for annual periods beginning on or after 1 January 2014);

· IFRIC 21 "Levies" (effective for annual periods beginning on or after 1 January 2014).

Standards issued but not yet effective:

Octain new standards and interpretations have been published and come into force on financial periods beginning on or after 1 January 2015, and are not endorsed by the European Union:

· Amendments to IAS 19 "Employee benefits plans" regarding defined benefit plans (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU).

Annual improvements 2012 (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU): · IFRS 2 "Share-based payment";

• · IFRS 3 "Business Combinations"; · IFRS 8 "Operating segments";
• · IFRS 13 "Fair value measurement";
• · IAS 16 "Property, plant and equipment" and IAS 38 "Intangible assets";
• · Consequential amendments to IFRS 9 "Financial instruments";
• · IAS 37 "Provisions, contingent liabilities and contingent assets", and
• · IAS 39 "Financial instruments Recognition and measurement".

Annual improvements 2013 (effective for annual periods beginning on or after 1 July 2014, not yet endorsed in the EU):

· IFRS 1 "First time adoption"; · IFRS 3 "Business combinations";

· IFRS 13 "Fair value measurement", and

· IAS 40 "Investment property".

• · Ac 40 meatherit property ·
  Amendment to IFRS 11 "Joint arrangements" on acquisition of an interest in a joint operation (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU).
• · Amendment to IAS 16 "Property, plant and equipment" and IAS 38 "Intangible assess" on depreciation (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU).
• alman periods boginning on of ant and equipment" and IAS 41 "Agriculture" regarding bearer plants (effective for annual periods beginning on or after 1 January 2016, not yet endorsed in the EU).
• I the U.S. I . "Regulatory deferral accounts" (effective for annual periods beginning on or after 1 January 2016, herings on on aller 1 Amendments to IAS 27 "Separate financial statements" on the equity method (effective for annual periods beginning on or after 1
• January 2016, not yet endorsed in the EU). Amendments to IFRS 10 "Consolidated financial statements" and IAS 28 "Investments in associates and joint ventures" (effective for . annual periods beginning on or after 1 January 2016, not yet endorsed in the EU).

Notes (continued)

on the Company.

Accounting policies (continued)

Basis of preparation (continued) (a)

(a)

Annual improvements 2014 (effective for anifical pornued operations").
• IFRS 5 "Non-current assets held for sale and discontinuential amendi

• IFRS 5 "Non-current assets held for sale and discontinued operations":
• IFRS 7 "Financial instruments: Disclosures" with consequential amendments to IFRS 1;
• IFRS 7 "Fina

• · IAS 19 "Employee benefits";

• · IAS 34 "Interim financial reporting".

• IAS 19 - Enterim financial reporting".
  • IAS 34 "Interim financial reporting".
  IFRS 15 "Revenue from contracts with customers" (effective for annual periods peginning on o

IF NS 15 "Revenue from Schools" (effective for annual periods beginning on or after 1 January 2018, not yet endored in the EU).
IFRS 9 "Financial instruments" (effective for

IFFS 9 "Fillancial mistraments" (ones and on interpretations that are not yet effective that would be expected to have a material impact

Accounting principles applied (b) (b)

n the financial statements have boill continue as a going concern;
It is assumed that the company will on the previous reporting veal

• It is assumed that the company will continue as a going conocing year have been used.
  The measurement methods applied in the previous reporting year have following a)
• The measurement methods applied in the previous reporting the fillerial in the medial.
  The measurent of the items has been performed prudently meeting in b)
• ne measurement of the tems has been periorined prodently another in the report,
  Only profits accruing up to the balance sheet date have been included in the report, c)
  • le measurents of the balance sheet date have been included in the been recognised, even if the been recognised, even if the year - All possible contingencies and losses arising in the leporting year of the issuance ir resort,
    became known in the period between the balance sheet date and the issuance ir
    • e All posible oving a more sheet date and the issuance of the almar report.
      became known in the preciation charges have been calculated and recognised irrespectively of whet
• Ammpaninent and copting year.
  operated profitably of not during year irespective of the payments made or the dates of receipt
  All income and expenses bruinbeer recognised l income and expenses relating to the accounting year ine under the payments of the payments of the reporting year.
  or payment of invoices have been recognised. Revenues are d)
• or payment of involces have anted at their gross amounts;
  Assets and liabilities are presented at their poriod reconcile with e) e
• of payment of the reporting period reconcile with the closing balances of the previous reporting period,
  The opening balances of the reporting period reconcile with the clos Assess and highlines of the recordie with the closing balances of the financial states and the financial statements and a
  All tems which affect the assessment or decision-ma f)
• All items which may material items have been aggregated and their breakdown is presented in the election in the ender of Q)
• presented, immaterial items have been aggregated and their bland in the gal form.
  Business transactions are presented based on their economic unstitution in the sales in presented, minatora formations of their economic substance rather man near off.

loans and receivables.

Recognition of revenue and expenses (C)

Net sales

.

Interest income
The Company presents interest income in the Profit and loss issued in return to pledge held as this income is The Company presents interest interest for other in not its account process on and as security or lears issued on
related to the basic activities of the Company – charging in related to the basic activities of the Company – charging interest in ream e peognised from the moment the
other conditions. Interest income is recognised using acculas princ other conditions. Interest income is Teooghious as no any interest is recognised on a cash basis.
recoverability of principal is considered doubtful. Penalty interest is reco

Other income

Other income is recognised based on accruals principle.

Penalties and similar income

Of collection exists, is recognised based on cash principle.

Of Collection Exist, is recognize in the period of origination, irrespective of the moment of payment. Expenses related
Expenses are norse receptiod in the period of liabilit Expenses are recognised based on accruals principle in the period of the moments position of position in the profit and similar
to financing of loans is recognised in the per expenses".

Foreign currency translation (d)

(d1) Furctional and presentation currency
tems included in the financial statement are measured using the primary economic environment in which entity (d) Furchoular and processare neasured using the currency of the primaly economic in the common
tems included in the financial statement items are denominated in euro (EUR), presentation currency.

(d2) Transactions and balances
All transactions in foreign are translated into the functional curency using the energetive the dealer of the resoective (da Transactions and bandos
All transactions and loses resulting from the eschange also ar me trans and from the translations and from the translations and from the ma All farisections in tologic and loses resulting from the settlement of the manufaction of the manufaction of the manus of the moments of the moments of the income statement o exchange rates of monetary assets and liablittes denomination in Creates of Latvia were:
respective period. At the balance sheet date the rates set by the Bank of Latvia were

31.12.201
EUR
1.21410

1 USD

EXPRESSCREDIT SIA ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS

ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS
ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS ACCOUNTS AND OURS 31 DECEMBER 2014 (TRANSLATION FROM LATVIAN)

Notes (continued) Accounting policies (continued)

(e) (e) Far vales it he anount to while in include in cince institution in active in active in active in criationism an catines har catines the rantelies the counted the conties the lenth tansation. Far vales of manila in to hie (and for unistes ecurites) ne Grolpondive, ne Grolponative
qued market or a nancia sesto ribitiry is not and the anders opinin quoted market prices. If the market of manysis, option ficily models and resort only of the model and resort only of the mor
by using wation the yequie the application of men by valuation techniques. These niclude the application of management and estimates. When in the oplines of the operations as a
transacions as apropriate and liabilities diffe Management, e notes to the accounts.

discused in the notes to the acquisition, issue of disposal of a financel instrument. An
Transation costs are incertly attibutable to the acquisition had not beles and deles Transaction costs are include to the acquition, issue of alsos of almance Transation or a manalinina e es and Transaction osts are incented if the transacion hat not taken place. Transcion osos heads nealer boos heads agender one of eacher and o
incements paid to agent including emby incemental cost is one that would not have been morne in arient and delest and deales and dealers agon as and one of one of one of one of one of one of one of one of the onto internal administrative or holding costs.

internal aministrative or noing costs.

Amorised oost is the amount at white-down for incurrent insere. Accued interest includes andrition in elfective includes andribe Amorised ox is the amount at which was recognised at initial resognion less any thingler vanorisation of Amerised on is the amented on for incured in inpaiment incures incutes includios includios includios includios includios includios includine includine including including ann accued interest and finite espension on discount of discount of elicent file cliente marior in enecine nier coline nellecine mello coline nellenging fres
Accued interest inco transaction costs defered at intial recognion and annones discount of channel described it or premier (place of elections of planes (poch

defered at origination, it any are nother cost of a financial asset or a financial liblity and of alleating the
The effective interest mehod of calculating the effective int The effective is a mehod is alculating the anotised on a mancal asses of a mancal nature stimated tuture
interest inconse over the relevant period. The final nest management The efective interes method of the first interest as ins ras ina the skacir nacionite our ele carying on ne carying on ne carying on ne carying on ne carying on ne carying co interest norm or interes experte in e namal intrument or when appoplate, a sincel besea consucios consecioses consucios
case ne no receips through the of he effective interes can payment or recepts through the effective interest rate the coron enmater tute scall now ould oses. The ourlines dan hole online onder lines.
al contractual lems of he fin amount of the financial asser of man's and one of only be more nutle nutle credit osser he controduction in comments.
all contractual instrument (for example, prepayment tha includes an leos ar premiums or discounts.

(1) (f)

(g) (g) depreciation and permanent diminution in value. Doproclation and the as follows:
to its estimated residual value over its estimated useful life as follows: vears

	20
Buildings	5
Constructions	3 - 5
Intangibles	3 - 5
Other fixed assets wenters (worth over 71 FUR)	3

Other fired assets
Low value inventory (wort) over 71 EUR)
The waldual vales, remaining of depreciation re reviewed and, if required, adjusted in connection with he dispos Low values, enaining soft lives and methods of deplated and in ediled. Alpisel bilisation of
The ceitual vales, enaining soft it in the no ther benefits and and the colsetio The residion is teminded in or whe no future benefit are aspeted in collection and admosal gains
intandole recognition is conected in the ecognito (caculated a difference ben intageles recognition in the emination in coognitor (caculation in the primel ocuts) in the primeres origines ocurines ocuraceognito ocusu the espective asset. Any profit of in the profit of be account in the pend with of the leasender one of the leasending one in one in one in one in one in one in enement and net book value as at the moment of cological on the shorter of the estimated useful hite of the reached information
Leasehold improvements are witten down on a straight-i costs are incurred.

(h) (h) investment at the balance sheet date comprises the value of the equity of the investment.
and the book value of the positive goodwill arising at the acquisition of the invest

and the book value of the postwill memor and on decreased by reference to the proft o loss of the proft o loss of the reducion the post or loss of the reducion is presented At he year-end the repted tem is increased or decreased by reference the Company s sual al promo and al ye reduction in tre reat and as the reduction is goodwill At the year-end the amount of the posted on one one of as wel as of the Factor of as wel as of the Hackor of any and and and and and and and and and and and and and a associated oompany and good of the shareholders adopt on mer-company francessor in and the management of the management of the world.
in the year following the reporting year

(i) (i) Intagible asets which operation is revied whener any events or clicinsancer the carying intin The vale of the assets subject in the anount representing the dilentle betworn.
caring use may not be recover in the high of the respective asset fair yaud as el and coaste c carrying value may not be recoverable amount is the higher of the respective assers all valence and the come and the come
value of the asset and is recoverable amount is the cash flow (cash generating units).

Notes (continued)

Accounting policies (continued)

(j) (j) A google that are subject to other business segments. A business boginess
and services that are subject to other business segments of different risks and benefits.

and enviles mat ale suget to market price. Inventores measured iFF omehod. The Compiny
(K) (K) Inventores are stated at the lower of cost of manoles are inparise and makes and makes and manastian and manas
asseses er damaged inventores loss is reognise in the period s to the period profit and loss account.

2 y

()) Seized assets
Collateral is repossessed following the foreclosure on loans that are in default. Seized assets are measured at the lower of cost or net
s and the started w Collateral is Tepossessor ted within "Inventories".

(m) (m) Acount reelvable conners Loan an earlied cost where ost is delled as the all ralle as the all rather or der en der en der econised on with fixed or delminable paymels. are recognised when cash is arbances to bordwers and orders.
given to ciginate hose and recognised when streaming the market and the unless given to originate those loans and voorhal in the market and me earlier me economic commond and the comments.
reperments The Company has grated consumer loans are no longer area may have an impact on the bon renegotiated terms.

the Company as a counting there is objective evidence that loan are imparined. If any such evidence
The Company assesses at earl natiment is assessed as the differente bene The Company assesses at each whether ther is opective evidence that loans arincon in any and and trind in any and and tigine of the circument in thind at tigine effect is alw The Company assesses at earing in assessed a fine calting anderal the ciring a lefecive a the onien a the onien a the circuine a the circuine a the citient a the citient in c exist, the anowances on bar model on the ecoverale from of the anount of the maiment in in in in in in in in in in in in in in in in in in in in in in in annel of it an etima andr. the stesent of the oilenes in inpairies and the anount of alovalies to mpanier to mpainer to mpainer relevater to mpanier relevate relevater tel vat intest rate. The assesment on the mates. Managements judgements ind commed values ostimated value revers in applicalor of hanification in nor ecolering nan coller an oculeer val our one o the ouganents and facus including but net relevant facting ton and recoverability and colater vales , incos paramich in which they parsin'in they pariod in which they of collater) (if taken) as well as blief in east and mesessary, hey are reported in ealings in the period.
estimates are reveal part as agusments med their best based on blea estimates are reviewed portuges of the Company have made their best estimates of one mainting in the mainting in the main.
and believe those estimates presented in the finan

and believe those estimates bresently on the many and all and most monthent losse. They are not written off

When loans annot be recovered hey are written of the amount of th When loans cannot be recovered they are written off and charged and minene in the loss is finaliy and crimed.
until all the necessary legal procedures have been completed an

untill all the necessury logal problem it the estimated recovery value exceeds the carrying amount loans with the

The provision in the allowande account is the Company (for non-secured consumer loans with the term of repayment up to

In accordance with the acc made based on the payment d ne provisioning policy developed by the Something the states:
re made based on the payment delay analysis at following rates:

ears) provisions are made based on the pay	Provision made
Days of delay	0.3%
0	6%
1-15	18%
16-30	32%
31-60	42%
61-90	47%
91-180	67%
181-360	92%
360-720	100%
19 A 1 -

Provision interest income debt in accordance with the oplice to the company in the company in acos mathel. In
the provisioning policy for unsecured to the more more nere clea Provision for income decis s nations are and are are olduzed based in no nomo not cashlow
the proisining bile to rem (p to the mor morth are over in incline asses discus as a the oroisining phot the enot tom in to for a more nonths are ealated for recoverality and alobalco
acordane with the mother in increal memor payments and relieving on the ban acordance with the methou, interest and payments and on nince nincently as the mother at the ranomine as the mombra at the ranomine at the ranomine at the balaces e war be ha anaysis applicale to expected The provisio is calculed to the principa outsal on the value in the sheet values of the respective interest acrued and interest accrease on the bactor oncessories.
difference the balne shet vale of interest accrue in macordance with the provi difference betwen the provision for interest accued is made in according policioning policio or wailliy testing beling
result of future cashflows from interest accued from ca

making sure that cashfows from theres not a seposits paid is valued on individual basis if there are any indications of net book value
The recoverable its receive amount The recoverablify oil its recoverable amount.

(n) (n) and rewards, the property, plant and equipment lterns are measuror at the more in the manage in which it arises.
payment. Leasing interest is charged to the profit and loss i

Notes (continued) Notes (conting policies (continued)

(o) Operating leases

Company is a lessor
The type of lease in which the lessor retains a significant part of the risks and revership, is classified as operating Company's a ressor
The type of assor minints and nitent part of the risks and rewards peraining to online in propons and proposition in and the profit and
lease. Lease payme lease. Lease paymonton over the lease term.

(p) (p) The corporate income as expension is is provided for using lia lienens frie pinciplary anderse.
with the teqilenents of Labilities and the many annunts in the finaly lemoral with the requirents of Lavan Lan Carying amounts in the financial in the finalian in the price. The priod for the mind of the find of the find of the future taxtion period.
a arise from depreciation of property, plant and equipment at allierent that and

(q) The amount of provision for unused annual leave is detemmed by makipling the more and of the reporting year.

(r) Borrowings
Initialy borowings are recognised net of transation costs incured. In subsequent he proceds researches ne (r) Intelly borowings are recognised using the effective interest method. The profit and loss account of the profit and loss account over the tem of the borrowing.

(s) For the purposes of the cash now staity term of up to 90 days.

(t) the disbursement of dividends.

Financial risk management (u)

Financial risk factors (u1)

(u1)

• (u1.1) foreign currency risk;
• (u1.2) credit risk;
• (u1.3) operational risk;
• (u1.4) market risk;
• (u1.5) liquidity risk;

(u1.5) leudity ras.
(u15) cash fow and interest rate nisk.
The Company isk management is focused on the uncertainty of inance Director identify in the Clientifies , aseses (u15) cash fow all lilleles rate new station of finance manes and anns or each is a leade and and and and and and and of earder dentified in and of earch ientifies, aseses a The Company's finance of the Finance Director is responsible for risk management. The Printers and Children
Company's financial indicators. The Finance Director in close coop

(u1) Foreign exchange risk
The Company operates mainly in the local market and its exposure to for with the current income-xpense (u1.1) Feelgh exhange nox
The Company operates maily in the local mainting are not democration of the vint the cancer. The comments of the more and mechanisms
structure addit structure additional monitoring procedures for currency nax monitoring and ow.

(u.12) Credit risk
The Company has a credit risk oncentional specifics – issuance of loans against nlede as well as issuance of
The Compatist in separad with an increased ri (u.) Creatir isk concertration based nits perations procifics issualis problem and
non-secured int is connected isk of asset ecoverability. The its may neur in ensume marinel The Company has a clean tan inceased nis of asse recordeility. The risk normanialan prom
nonsecured hans that se one tes of as of asse recorpor in store mammunism ontonial lo non-secures that is othroute in the Company's policies are developed in breach of the reserved in the more in and the more
issues related to timely coverage of bantification

(u13) Operational risk
Operational risk is a loss risk due to external printes and or internal need in system crash. fraud
Collections (internal requlations insufficient in (u13) Dperation frans (actors namely (natural disastes, ciries, ecrios actris andrios which androcan insk wich can
vilation of laws or intens insufficient insufficial interna Operation frisk s a loss not do the not of the Company canes cerall personal relass.
video of leten lenglation institution and services and reduce the operational risk. Also vilation of also of menial regulation in those to identify, analyse, report and route normal reserved.
be managed using sevel methods in sevel as systematic approvide to ensu of the operational hisk is our ent of the activity.

(u1.4) Market risk
The Company is exposed to market to the fluctuations of interest rates between the loans granted and funding (u1,4) Market risk, basealy related to the fluctuations of interest nels belief the funle fulle started in
The Company's exposed to the Company's services fluctung resource i received, as well as demand for the Company's services nuctually find of he other produce interest rates.
the expected cashflows, diversifying the product range and fixing fu

Notes (continued)

Accounting policies (continued)

Financial risk management (continued) (u)

(u1.5)Liquidity risk

(u1.5JLiquidity risk
The Company complies with the prudence in the management of its liguidity risk and management of the management The Company comples with the prudent in the management of the master mantales oash flows. Most
of the Company has an oversight the liquidity neseres and make current be able of the Company has an overight of the ligulty reserves and that be company in be able secure sufficient
of the Company's liabilities. The management is of the Company is cera of the Company's liabilities are short-fem liablices. The management of the Company is certain of financial support to be available from the owners of the Company.

(u1.6) Cash flow interest rate risk

(u1.6) Cash flow interest rate risk
As the Company has borrowings and finance lease obligations that to financing costs o some extent opend As the Company has borrowings and finances interest payment related on mand of the current market rates of
on the changes in market rates of interest The Companys inlated as on the changes in market ates of interest partieres payment relation of the sunder of the band invest rates set.
interest. The risk of fluctualine because the usebel by the f interest. The risk of fluctuating interest rates is party averted by the fact har rounde fround frisks.
Additional risk minimization measures are not taken because the availa

(u2) Accounting for derivative financial instruments

(u2) Accounting for derivative financial instruments in its operations. Instiluling financial institude in animaly recognized The Company does not actively use denvative in the belalists behalnes henet and in the manal instruments
at fair value on the cated of the contract in billion if fir value it at fair value on the cated and are thereater measured at lank on include caines and one on the changes
are carried as assets if their fair value is not as liabilites if in va are caried as assets if their fair value is postive and as librities in an value is nogantes in your and loss.
in the fair value of the derivative financial instrument are no

(u3) Fair value

The carrying value of financial assets and liabilities approximates their fair value. See also note (e).

(u4) Management of the capital structure

(u4) Management of the capital structure
In order to ensure the continuation of the Company's sanital studure consists of bornewings from related persons, In order the continuation of the Company's and manifes contine ocurity ocurier to consiste of on relate on many optimization of the debt and equity bance is performed. The Confider of Soncere of Some of Some of Start of Start Comments issued share capital, retained
third party loans an earnings and share premium. At year-end the ratios were as follows:

	Parent	Group	Parent	Group
	company 31.12.2014 EUR	31.12.2014 EUR	company 31.12.2013 EUR	31.12.2013 EUR
Loan and lease liabilities	8 090 919	8 090 919	7 507 059 (720 753)	7 831 851 (790 889)
Cash and bank	(1 197 128)	(1 197 718)
	6 893 791	6 893 201	6 786 306	7 040 962
Net debts			1 806 401	1 822 564
Equity	2 015 963	2 124 127
	4.01	3.81	4.16	4.30
Liabilities / equity ratio Net liabilities / equity ratio	3.42	3.25	3.76	3.86

Significant assumptions and estimates

(v) The preparation of financial statement in menation in manuting of assusts and libilities and libilities and libilities and liberal of assess and libilities and linging in the law requires the management to rey on estimates and assumplons that and morne of assess on the reporting in the reporting in the reporting in the reporting in the reporting i period. Actual results may differ from these estimates.

The following judgements and key assumptions concerning the future assume of naccuracies in the calculations as
the final concerned and in a cisasifies sistem ink of opusing The following judgements and key assumptions concerning the futual, and other added on habelled of the county of assess and liabilities

• within the next financial year: next financial year:
  The Company review the useful lives of its fixed assets at the end of each makes estimates The Company review the useful lives of its fixed assets. The end or each reporting period with him and the calculations may
  • therefore change.
    The Company review the value of intengible assets whenever any events or crount on the difference between the carying The Company review the value of its fixed assets whenevel any olvints he differme between the carying
    carying value may not be recoverable mount is the amount equaling the ca carying value may not be recoverable mount is the higher of a raset s fair alle less the costs to sell and value of the asset and is recoverable amount is the ingiler of an assess of an valo loos work of the research adjustments due to impairment are required the asset values.
  • to impairment are required the asset values .
    In measuring inventories the management .elies on its experience, baskground information .s given In measuring inventories the managenen relies on its expenses and more of inventories consideration is given
    assumptions and possible future circumstances . In asessing the v to the possibility to sell the item of inventories and the net realisable value.
  • to the possibility to sell the tem of inventores and the moriment of the value of receivables. The The Company's management, based on estimates in the inipalnial to financial statements accurately
    Company's management is of the provisions or receivales presented in the bes Company's management is of the provisions for receivables presented in the marked with marked with best available
  • information.
    The Company is composed with caution savings potential future payment obligations in cases where disputes I he Company is composed with of a subut the amount of such liabilities.

(w) Related parties include the onaronologial are control or significant influence.

Notes (continued)

Accounting policies (continued)

Subsequent events (x)

(X) POS-pents that bronde additional moments that are not adjusting events are disclosed in the notes when material.

Contingencies (y) .

(Y) Contingent liablites are not recognised in the mailer in the final statements but do or an inflow of economic benefits is probable.

Earnings per share (z)

(Z) number of shares outstanding during the year.

EXPRESSCREDIT SIA ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS

ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS
ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS ACCOUNTS AND CONSULIDATED ANNOR (TRANSLATION FROM LATVIAN)

Notes (continued)

Net sales (1)

Net revenue by type of revenue	Parent	Group	Parent	Group
	company 2014 EUR	2014 EUR	company 2013 EUR	2013 EUR
		5 366 826	4 762 617	4 762 617
Income from sales of goods	5 366 826 1 999 664	1 999 664	505 282	1 505 282
Income from sales of gold scrap Income from sales of vehicles	90 977	90 977	117 531	117 531
Other income, loan and mortgage storage commission	192 930	530 392	10 201	10 201
	7 650 397	7 987 859	6 395 631	6 395 631

Net revenue by geographical markets and type of operation

		5 444 882	4 865 763	4 865 763
Sales of product in Latvia	5 444 882	12 921	14 385	14 385
Sales of product to EU	12 921	1 999 664	1 505 282	1 505 282
Sales of gold scrap in Latvia	1 999 664
Sales of gold scrap in EU		512 927	10 201	10 201
Sales of services in Latvia	175 465	17 465
Sales of product in Latvia	17 465		6 395 631	6 395 631
	7 650 397	7 987 859
Cost of sales (2)		2014	2013	2013
	2014	EUR	EUR	EUR
	EUR
	5 532 099	5 532 099	4615 576	4615 576
Cost of pledges taken over	64 473	64 473	63 292	63 292
Goods and accessories purchased		285 045
Net book values of debtors debts sold	5 596 572	5 881 617	4 678 868	4 678 868
Interest income and similar income (3)			2013	2013
	2014	2014		EUR
	EUR	EUR	EUR
	1 530 638	1 530 638	1 351 509	1 351 509
Interest income on loans issued against pledge	1 230 789	1 230 789	1 277 760	1 277 760
Interest income on mortgage extension	310 792	310 792	236 015	236 015
Interest income on loans to the vehicle pledges	47 511	47 511	28 438	28 438
Interest income on mortgage loans	4 610 972	4 787 120	3 533 555	3 559 606
Interest income on unsecured loans	588 025	588 025	699 674	699 674
Interest income on loan extension	145 258	145 258	151 485	151 485
Accrued interest income	8 463 985	8 640 133	7 278 436	7 304 487
Interest expenses and similar expenses (4)				2013
	2014	2014	2013	EUR
	EUR	EUR	EUR
			113 816	113 816
Interest charge to bank	1 047 206	1 047 206	74 270	74 270
Bonds' coupon expense	4 802	4 802	2 664	2 664
Interest expense on lease	122 744	163 392	1 219 701	1 222 160
Interest expense on other borrowings	706	706	12 409	12 409
Net loss on foreign exchange	4 476 168	1 216 106	1 422 860	1 425 319

Notes (continued)

(5) Selling expenses

	Parent	Group	Parent	Group
	company		company
	2014	2014	2013	2013
	EUR	EUR	EUR	EUR
Salary expenses	1 921 684	1 966 624	1 766 844	1 772 891
Social insurance	454 759	465 361	432 478	433 935
Provisions for unused annual leave and bonuses	5 487	5 487	67 511	67 511
Rental expense	808 336	811 966	785 479	785 479
Utilities expense	220 205	220 205	215 419	215 419
Non-deductible VAT	171 849	171 849	173 228	173 228
Communication expenses	73 633	73 633	94 274	94 274
Maintenance expenses	66 482	73 627	64 413	64 413
Depreciation of fixed assets	249 346	249 346	214 053	214 053
Security expenses	26 394	26 394	25 848	25 848
Goods write-off	148 475	148 475	92 369	92 369
Advertising	175 216	175 216	44 438	44 438
Business trip expenses	8 688	8 688	9 176	9 176
Provisions for doubtful debtors	229 383	229 383	188 197	188 197
Transportation expenses	93 371	93 371	68 508	68 508
Renovation expenses	20 800	20 800	13 225	13 225
Other expenses	138 716	139 995	142 335	142 338
	4 812 824	4 880 420	4 397 795	4 405 302
Administrative expenses
(6)	2014	2014	2013	2013
	EUR	EUR	EUR	EUR
Salary expenses	1 141 932	1 141 932	795 596	795 596
Social insurance	267 033	267 033	193 974	193 974
Provisions for unused annual leave and bonuses	30 286	30 286	30 984	30 984
Office rent	46 378	46 378	40 388	40 388
Office expenses	34 198	37 939	34 599	34 599
Bank commission	32 059	32 204	34 936	35 262
Audit expense™	11 000	11 000	16 909	16 909
Communication expenses	19 567	19 567	16 781	16 781
State fees and duties, licence expense	42 342	42 342	30 600	30 600
Legal advice	103 345	103 345	15 700	15 700
Information database subscriptions, maintenance	106 041	106 041	94 143	94 143
Reversed provisions for investments			(2 846)
Membership fees in professional organizations	19 186	19 186	6 328	6 328
Other administrative expenses	24 584	25 770	21 112	21 112
	1 877 951	1 883 023	1 329 204	1 332 376

* During the year the Company has not received any other services from the Auditor.

(7) Other operating income 2013 2014 2014 2013 EUR EUR EUR EUR 32 378 32 637 56 328 56 328 Other income

Notes (continued)

(8) Other operating expenses

Unrecognised deferred tax assets

Fixed assets correction

	Parent	Group	Parent	Group
	company		company
	2014	2014	2013	2013
	EUR	EUR	EUR	EUR
Penalties paid	17 834	18 082	33 664	36 919
Other expenses	27 633	27 859	32 009	32 009
Abnormal loss	90 436	90 436
Donations	45 150	45 150	32 826	32 826
Loss on cessation	1 044 659	1 044 659	1 210 996	1 210 996
	1 225 712	1 226 186	1 309 495	1 312 750
(9) Corporate income tax for the reporting year
	2014	2014	2013	2013
	EUR	EUR	EUR	EUR
Deferred corporate income tax charge (see
Note 13)	(90 633)	(90 633)	(26 788)	(26 788)
Corporate income tax charge for the current year	263 264	286 038	224 730	225 810
	172 631	195 405	197 942	199 022
Corporate income tax differs from the theoretically calculated tax amount:
Profit before taxation
	1 482 193	1 596 968	568 222	578 138
Theoretically calculated tax at a tax rate of 15 %	222 329	239 545	85 233	86 721
Expenses not deductible for tax purposes	(11 320)	(5 762)	146 372	145 964
Donations	(38 378)	(38 378)	(27 903)	(27 903)

(10) Intangible and fixed assets of the Parent company and the Group

	Concessions, patents, trade marks and similar rights	Land and buildings	Other fixed assets and	Leasehold improvements	Total
	EUR	EUR	inventory EUR	EUR	EUR
Cost
31.12.2013	13 381	36 995	555 274	247 201	852 851
Additions	4 857		188 108	39 441	232 406
Disposals	(1 154)	(35 572)	(45 298)		(82 024)
31.12.2014	17 084	1 423	698 084	286 642	1 003 233
Depreciation
31.12.2013	9 673	8 093	262 890	122 373	403 029
Charge for 2014	2 852	296	185 397	60 801	249 346
Disposals	(1 062)	(6 966)	(35 063)		(43 091)
31.12.2014	11 463	1 423	413 224	183 174	609 284
Net book value
31.12.2014	5 621		284 860	103 468	393 949
Net book value
31.12.2013	3 708	28 902	292 384	124 828	449 822

(6 212)

172 631

452

(6 212)

199 022

452

As at 30 June 2014 the residual value of the fixed assets acquired under the terms of financial lease was 109 782 euro (31.12.2013: 69 960 euro). The ownership of those fixed assets will be transferred to the Group only after settlement of all lease liabilities.

Cadastral value of the real estate owned by the Parent company - EUR 25 389.

Notes (continued)

(11) Parent Company's investments in subsidiaries

The Parent company is the sole shareholder of the subsidiary SIA "ExpressInkasso".

participating interest in subsidiaries a) Name	Acquisition price of subsidiaries		Participating interest in share capital of subsidiaries
	31.12.2014. EUR	31.12.2013. EUR	31.12.2014. 0/0	31.12.2013. 0/0
SIA Expressinkasso from 04.09.2013; before - SIA Lombards 24)	2 846	2 846	100	100

information on subsidiaries b)

		Shareholders' funds		Profit for the period
Name	Address	31.12.2014. EUR	31.12.2013. EUR	Name EUR	Address EUR
SIA Expressinkasso (from 04.09.2013: before - SIA Lombards 24)	Raunas Street 44K- LV-1039 Riga, Latvia	111 009	19 008	92 001	11 682

Basic operations of SIA ExpressInkasso are debt collection services.

(12) The Group's loans to shareholders and management Loans to members

	EUR
Cost 31.12.2013. Loans issued Loan interest paid	1 942 057 8 421 66 128 (721 540)
Loans repaid 31.12.2014.	1 295 066
Net book value as at 31.12.2014	1 295 066
Net book value as at 31.12.2013	1 942 057

Interest on borrowing is 3.50% per annum. The loan maturity - 31 December 2017 (including the loans and is convinced that a provision Interest on borrowing is 3.50% per annum. The loan maturity - 31 December 2017 (modelly the road provision in the many is convinced that a provision
accrued interest). The Co is not necessary. All loans are denominated in euro.

19 1188 1188888991 11 11 11 1981 1991 1990 11 Deferred tax asset of the Parent company and the Group (13)	2014 EUR	2013 EUR
	26 787
Deferred tax asset at the beginning of the reporting year	90 633	26 787
Increase of deferred tax asset during the reporting year (see Note 9)	117 420	26 787
Deferred tax asset at the end of the reporting year Deferred tax has been calculated from the following temporary differences between assets and liabilities values for financial and
tax purposes:	31.12.2014. EUR	31.12.2013. EUR
	9 344	14 399
Temporary difference on fixed assets depreciation	(29 165)	(24 145)
Temporary difference on provisions for unused annual leave and
bonuses Temporary difference on provisions for slow moving and obsolete stock Deferred tax asset	(97 599)	(17 041)
	(117 420)	(26 787)
Stock of the Parent company and the Group (14)	31.12.2014. EUR	31.12.2013. EUR
	1 158 319	783 109
Goods for sale and pledges taken over	349 470	342 875
Gold scrap	(162 451)	(113 604)
Gross value of stock	1 345 338	1 012 380

Notes (continued)

(14a) Age analysis of stock

	31.12.2014.	31.12.2013.
	EUR	EUR
Outstanding for 0-180 days	1 062 721	835 799
Outstanding for 181-360 days	264 834	102 268
Outstanding for more than 360 days	180 234	187 917
Total stock	1 507 789	1 125 984
(14b) Provision for obsolete stock

Provisions for obsolete stock at the end of the year	162 451	113 604
	82 699	75 947
Additional provisions	(33 852)	(25 059)
Provisions for obsolete stock at the beginning of the year Written-off	113 604	62 716
	EUR	EUR
	2014	2013

(15) Loans and receivables

	Parent	Group	Parent	Group
	company		company
	31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013.
	EUR	EUR	EUR	EUR
Long-term loans and receivables
Debtors for loans issued against pledge	321 288	321 288	229 475	229 475
Debtors for loans issued without pledge	141 322	141 322	68 234	68 234
Long-term loans and receivables, total	462 610	462 610	297 709	297 709
Short-term loans and receivables
Debtors for loans issued against pledge	1 975 203	1 975 203	1 666 949	1 666 949
Debtors for loans issued without pledge	3 496 152	3 924 489	2 687 308	3 028 785
Interest accrued	606 901	606 901	462 322	462 322
Provisions for bad and doubtful trade debtors	(676 893)	(676 893)	(555 590)	(555 590)
Short-term loans and receivables, total	5 401 363	5 829 700	4 260 989	4 602 466
Loans and receivables	5 863 973	6 292 310	4 558 698	4 900 175

Long term receivables for the loans issued don't exceed 5 years.

In 31 May 2014 and 5 December 2014 were concluded contracts with SIA "ExpressInkasso" about cession of bad reicavbles amount. The carrying value of the claim amount - accordingly EUR 135 074 and EUR 1 340 650.31, the amount of compensation according to the independent evaluators' assessment - accordingly EUR 28 738.63 and year. As at 24 October 2014 the subsidiary company "ExpressInkasso" signed a contract with a third party for the bad receivable amounts cession. The carryng value of the claim in the subsidiary's balance sheet - EUR 284 the amount of compensation - EUR 337 172. Profit from this transaction was recognised in the current year.

The claims in amount of EUR 2 296 491 (31.12.2013: EUR 1 896 424) are secured by the value of the collateral. Claims against debtors for loans issued against pledges when by pledges, why are water in the callist is alline against value, therefore provisions for overdue loans are not made. All pledges, for which loan payments are delayed, becomes the Group's property and and are realized in the Group's stores.

As at 31 December 2013 all claims against debtors were denominated in lats and converted to euro at the Latvian changeover to the euro currency. In 2014 all claims denominated in euro.

(15a) Age analysis of trade receivables:

	31.12.2014. EUR	31.12.2014. EUR	31.12.2013. EUR	31.12.2013. EUR
Receivables not yet due	5 083 503	5 107 296	3 733 223	3 733 223
Outstanding 1-30 days	619 728	619 822	416 631	416 631
Outstanding 31-90 days	484 409	517 429	422 407	422 536
Outstanding 91-180 days	243 527	321 165	428 484	434 141
Outstanding for 181-360 days	11 408	179 840	37 000	259 868
Outstanding for more than 360 days	98 291	223 651	76 543	189 366
Total trade receivables	6 540 866	6 969 203	5 114 288	5 455 765

Notes (continued)

(15b) Provisions for bad and doubtful trade and other receivables

		Parent company	Group	Parent company	Group
		2014 EUR	2014	2013	2013
	Provisions for bad and doubtful receivables		EUR	EUR	EUR
	at the beginning of the year	555 590	555 590
	Written-off	( 22 090 )		448 974	448 974
	Additional provisions	143 393	( 22 090 )	(5 634)	(5 634)
	Provisions for bad and doubtful receivables		143 393	112 250	112 250
	at the end of the year	676 893	676 893	555 590	555 590
(16)	Receivables from affiliated companies
		31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013.
		EUR	EUR	EUR	EUR
	Debts for goods and fixed assets sold	35 514	36 403	208	208
	ExpressCreditEesti OU liability for loan issued and
	loan interest	4 149	4 149	495 691	495 691
	SIA A.Kredits liability for loan issued and loan
	interest	102 025	102 025	16 962	16 962
	SIA Ebility liability for loan issued and loan interest SIA ExpressInkasso debt for the assigned rights of		31 876
	claim (see Note 15) Liabilities of the Parent company's board for the loan	333 800		34 627
	issued and loan interest AS Naudasklubs liability for loan issued and loan	9 004	34 420
	interest			118	118
		484 492	208 873	547 606	512 979
	The interest rate on loans to related parties - 3:50%. All loans and other claims denominated in euro.
	Age analysis of receivables from affiliated companies
		31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013.
		EUR	EUR	EUR	EUR
	Receivables not yet due	450 454	173 946	547 397	512 770
	Outstanding for 1-180 days
	Outstanding for 181-360 days	34 038	34 038	209	209
	Outstanding for more than 360 days		889
	Total receivables from affiliated companies	484 492	208 873	547 606	512 979
(17)	Other debtors
		31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013.

	80 536	80 676	748 704	750 900
Provisions for bad and doubtful other debtors	(1 659)	(1 659)
Other debtors	8 446	8 515	680 107	686 635
Guarantee deposit	61 619	61 690	59 271	59 271
Loans to employees and other third parties	12 130	12 130	9 323	9 323
	EUR	EUR	EUR	EUR

(17a) Provisions for bad and doubtful other debtors

at the end of the year	1 659
Provisions for bad and doubtful other debtors
Additional provisions	3 291
Written-off	(1 632)
Provisions for bad and doubtful other debtors at the beginning of the year
	EUR	EUR
	6014	2015

2044

つのイク

Notes (continued)

(17b) Parent company other debtors by currency, translated into EUR:	31.12.2014. EUR		31.12.2014. 0/0		31.12.2013. EUR	31.12.2013. 0/0
					743 415	99.29
LVL	78 034		96.89		4 000	0.54
EUR	1 030		1.28
GBP USD	1 472		1.83		1 286	0.17
Total other debtors	80 536		100%		748 701	100%
Group other debtors by currency, translated into EUR:	31.12.2014. EUR		31.12.2014.	0/0	31.12.2013. EUR	31.12.2013. 0/0
					749 943	99.30%
LVL			96.90		4 000	0.53%
EUR	78 174 1 030		1.28
GBP	1 472		1.82		1 286	0.17%
USD	80 676		100%		755 229	100%
Total other debtors
(17c) Age analysis of other debtors		Parent		Group	Parent	Group
		company			company	31.12.2013.
		31.12.2014.		31.12.2014.	31.12.2013. EUR	EUR
		EUR		EUR
		59 960		60 100	43 984	43 984
Repayable upon request		18 178		18 178	702 781	708 796
Receivables not yet due		1 184		1 184	129	129
Outstanding for 1-30 days		383		383
Outstanding for 31-90 days Outstanding for 91-180 days
Outstanding for 181-360 days		612		612	1 451	1 451
Outstanding for more than 360 days		219		219	356	869
Total other debtors		80 536		80 676	748 701	755 229
(18) Deferred expenses		31.12.2014. EUR		31.12.2014. EUR	31.12.2013. EUR	31.12.2013. EUR
		6 114		6 114	5 683	5 683
Insurance License for lending services and debt recovery
services		11 854		14 181	12 350	15 863
Prepayment for rent and other costs		9 794		9 794	7 548	7 548 29 094
Total deferred expenses		27 762		30 089	25 581
(19) Cash and bank					31.12.2013.	31.12.2013.
		31.12.2014.		31.12.2014		EUR
			EUR	EUR	EUR
				866 615	562 083	632 205
Cash at bank		866 040 331 088		331 103	158 670	158 684
Cash in hand		1 197 128		1 197 718	720 753	790 889
Parent company's cash and bank by currency, translated into EUR:	31.12.2014.	EUR		31.12.2014. 0/0	31.12.2013. EUR	31.12.2013. 0/0
					507 480	70.41
LVL		1 197 128		100	213 273	29.59
EUR Cash and bank total		1 197 128		100%	720 753	100%
Group's cash and bank by currency, translated into EUR:		31.12.2014. EUR		31.12.2014. 9/0	31.12.2013. EUR	31.12.2013. 0/0
					507 617	64.18%
LVL				100	283 272	35.82%
EUR		1 197 718 1 197 718		100%	790 889	100%
Cash and bank total

Notes (continued)

(20) Share capital

As at 31 December 2014 the subscribed and fully paid share capital of the Parent company consisted of 300 000 ordination of the Shareanitation of the Sharean As at 31 December 2014 the subscribed and fully paid share capital of the shalled of the shares and the shares and the sharact As at 31 December 2011 July 2014, the Company's registerd the Genting of the Share and and and and since with a nominal value of each company's registered share of the subscribed edity As at + Document of 1. The difference of 1 EUR resultig hom the conversion of the conversion of the one of the one of the one of the bears retained earnings.

(24) Rende issued

(LT) Dullus 135000	Parent	Group	Parent	Group
	company 31.12.2014. EUR	31.12.2014. EUR	company 31.12.2013. EUR	31.12.2013. EUR
Bonds issued Bonds commission	6 500 000 (28 534) 6 471 466	6 500 000 (28 534) 6 471 466	3 160 000 51 809) 3 108 191	3 160 000 (51 809) 3 108 191
Total long-term part of bonds issued
Bonds issued Bonds commission	1 000 000 (24 867) 17 303	1 000 000 (24 867) 17 303	1 000 000 (25 209) 10 176	1 000 000 (25 209) 10 176
Interest accrued Total short-term part of bonds issued	992 436	992 436	984 967	984 967
Bonds issued, total Interest accrued, total Bonds commission, total	7 500 000 17 303 (53 401) 7 463 902	7 500 000 17 303 (53 401) 7 463 902	4 160 000 10 176 (77 018) 4 093 158	4 160 000 10 176 (77 018) 4 093 158
Bonds issued net

As at the date of signing of the annual report the Parent company of the Group has registered secured bonds (ISM)
States of the School of the Created Desected on the followi As at the date of signing of the Paret company of the Group file Feglisera Dours (2000001280) with Latvia Catral Deposity on the following tems – number in management on a morth on
nominal value of euro banda value of 4 000 000 euro. Coupon is painti ne Louise in of 800 auro, with the brand valee of 4 october are in the maturity of the bonds the 25" date. The online repair once in a quarte in the amount of the entiles list hominal rate of a principal amount is repaid once in the amount of 50 enr. The matering of the more of the first be started.

Start the date of signing of the Parent company of the Group has registered secured bonds (ISM)
States of Signify Hotel of yo Control Depository on the following terms – nu As at the date of signing of the Parent of the Shown of the Group files legation A Cource and Color Contral value of 3 500 000 eve. Coupon is pounds por a mont
LV000801322) with the total nominal value of 3 50000 elro. Coupon is paid high and the former o Evoloved view, with the tola nominal value of 3 500 000 eard of 125 evroper by the Station 25 March
ominal value of The principal anount is to be epaid once in the annunt of nominer of the principal amount in a quarter in the anioun' of 25 cello per benefit of 2010 per benefit of the bonds with NASDAQ OMX
2019. The maturity of the bonds = 25 Dece Riga Baltic Securities list was started.

rtige bands are secured by the total assets and shares of the Group, as well as future components of The bonds are secured by the total assets and shales of the Group, and final instruments (if exisent) of The bound are also secured by the financial platers have the instal notest propries.
the Group held at AS Regionals . The bond nolders have the instal necover heir assets pro the Group held at AS Regionālā investīciju banka". The bond holders nave the Rights of contributions of coupon payment or principal repayment.

of pirfollowing pleage agreements with the total pledge value of EUR 6 million are concluded. The secured amount of each The following plotsge value of the pledge amount:

in the total value of the pleage annount.
with the parent company on 100% shires on aggregate movable th

with the parent company on 100% shares of SA Ekspressintasso,
with the parent company and its subsidian on agregate movable property and future components of these assets. Le

with the parent company and its subsidiary on aggregate movable property and future of the online of the online of these assets. Leased whicles
with the parent of and and and

are excluded from the pledge listing.

	Gross future minimum payments 31.12.2014 EUR	NPV of future minimum	Interest expenses	Gross future minimum payments 31.12.2013 EUR	NPV of future minimum payments 31.12.2013 EUR	Interest expenses
		payments 31.12.2014 EUR	31.12.2014 EUR			31.12.2013 EUR
Term: up to one year 2 - 5 years 5-10 years	2 020 833 6 751 563 1 914 063 10 686 459	1 000 000 4 750 000 1 750 000 7 500 000	1 020 833 2 001 563 164 063 3 186 459	1 850 759 3 001 405 1 914 063 6 766 227	1 000 000 1 410 000 1 750 000 4 160 000	850 759 1 591 405 164 063 2 606 227

ExpressCredit SIA ANNUAL ACCOUNTS AND CONSOLIDATED ANNUAL ACCOUNTS for the year ended 31 December 2014 (TRANSLATION FROM LATVIAN)

(22) Other borrowings
	Parent	Group	Parent	Group
	company		company
	31.12.2014.	31.12.2014.	31.12.2013.	31.12.2013.
	EUR	EUR	EUR	EUR
Long-term finance lease	96 676	96 676	47 818	47 818
Other long-term loans	500 000	500 000	705 276	705 276
Total other long-term loans	596 676	596 676	753 094	753 094
Short-term finance lease	30 341	30 341	15 317	15 317
Other short-term loans			514 048	874 048
Interest accrued on other loans			2 358	4 765
Total other short-term loans	30 341	30 341	531 723	894 130
Total other loans	627 017	627 017	1 284 817	1 647 224

The Parent company has acquired fixed assets on finance lease. As at 31 December 2014 the interest rate was set as 3 M Euribor + 5.5% and 6M Euribor+3-4.5%. See Note 10 on residual values of fixed assets acquired under the finance lease conditions.

The Parent company has received loans from private individuals and legal entities. The interest is charged from 0 to 15 % p.a. The loans are received without security granted.

Total future minimum lease payments - present value and interest expense for Parent company other borrowings and borrowings from affiliated companies:

	Gross future minimum payments 31.12.2014 EUR	NPV of future minimum payments 31.12.2014 EUR	Interest expenses 31.12.2014 EUR	Gross future minimum payments 31.12.2013 EUR	NPV of future minimum payments 31.12.2013 EUR	Interest expenses 31.12.2013 EUR
Term:
up to one year	100 341	30 341	70 000	547 120	529 365	17 755
2 - 5 years	696 016	596 676	99 340	868 574	753 094	115 480
	796 357	627 017	169 340	1 415 694	1 282 459	133 235

Total future minimum lease payments - present value and interest expense for Group other borrowings from affiliated companies:

	Gross future minimum	NPV of future minimum	Interest expenses	Gross future minimum payments	NPV of future minimum payments	Interest expenses
	payments 31.12.2014 EUR	payments 31.12.2014 EUR	31.12.2014 EUR	31.12.2013 EUR	31.12.2013 EUR	31.12.2013 EUR
Term:
up to one year	100 341	30 341	70 000	913 373	889 364	24 009
2 - 5 years	696 016	596 676	99 340	868 574	753 094	115 480
	796 357	627 017	169 340	1 781 947	1 642 458	139 489

Notes (continued)

⁽²³⁾

	31.12.2014. EUR	31.12.2013. EUR
		2 064 600
Loan from ABS Holding Limited		26 869
Interest accrued on ABS Holding Limited loan Total liabilities to related parties		2 091 469

Total nabilities to related partios
On 13 February 2014 the Company has fully covered its liabilities to ABS Holding Limited.

(24)

	Parent	Group	Parent	sioup
	company 31.12.2014. EUR	31.12.2014. EUR	company 31.12.2013. EUR	31.12.2013. EUR
	56 117	74 596	49 641	49 641
Debts to suppliers		152 061	132 784	135 226
Salaries	149 496		160 965	160 965
Vacation accrual*	194 431	194 431
Vacation liabilities paid out as at the date of signing	2 308	2 308	13 911	13 911
of these financial statements	31 003	31 045	47 477	47 477
Other liabilities	433 355	454 441	404 778	407 220

(24a) Parent company's trade creditors by currency, translated into EUR:

	31.12.2014. EUR	31.12.2014. 0/0	31.12.2013. EUR	31.12.2013. 0/0
			358 479	88.56
LVL	432 325	99.76	45 787	11.31
EUR	1 030	0.24	512	0.13
GBP				100%
Total trade creditors and accrued liabilities	433 355	100%	404 778

Group's trade creditors by currency, translated into EUR:

	31.12.2014. EUR	31.12.2014. 0/0	31.12.2013. EUR	31.12.2013. 0/0
LVL EUR	453 411	99.77 0.23	360 921 45 787 512	88.63 11.24 0.13
GBP Total trade creditors and accrued liabilities	1 030 454 441	100%	407 220	100%
(24b) Age analysis of trade creditors:	31.12.2014. EUR	31.12.2014. EUR	31.12.2013. EUR	31.12.2013. EUR
Receivables not yet due Outstanding for 1-30 days Outstanding for more than 30 days Total trade creditors and accrued liabilities	412 267 21 088 433 355	433 353 21 088 454 441	382 027 22 701 50 404 778	384 469 22 701 50 407 220

Notes (continued)

(25) Parent company's taxes and social insurance

	VAI	Corporate income	Real estate	Business risk charge	Social insurance	Payroll tax	Vehicles tax	Total
	EUR	tax EUR	tax" EUR	EUR	EUR	EUR	EUR	EUR
Liabilities 31.12.2013. Charge for 2014	24 374 274 657	31 364 263 264	381	93 1 238	156 258 1 043 062	140 171 615 177	2 348 14 334	354 608 2 212 113
Penalties calculated for 2014 Paid in 2014	694 (265 741)	2163 (249 246)	(381)	(1 232)	2 076 (1 115 748)	11 066 (667 530)	(14 570)	16 000 (2 314 448)
Liabilities 31.12.2014.	33 984	47 545		100	85 648	98 884	2 112	268 273

Group's taxes and social insurance

	VAT	Corporate income	Real estate	Business risk charge	Social insurance	Payroll tax	Vehicles tax	Total
	EUR	tax EUR	tax * EUR	EUR	EUR	EUR	EUR	EUR
Liabilities 31.12.2013. Charge for 2014	24 371 274 719	32 445 286 038	381	94 1 255	157 641 1 058 382	140 878 623 135	2 348 14 334	357 777 2 258 244
Penalties calculated for 2014	695	2164		1	2 121	11 256		16 237
Received tax overpayment Paid in 2014	(265 806)	(251 407)	(381)	(1 251)	(1 131 182)	(675 710)	(14 570)	(2 340 307)
Liabilities 31.12.2014.	33 980	69 240		ਰੇਰੇ	86 962	ਰੇਰੇ ਦੇ ਦੇ ਦੇ ਪ੍ਰੇਰੇ ਦੇ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ ਇੱਕ ਵਿੱਚ	2 112	291 952

* Real estate tax payments are performed also for the leased premises in Riga, GogoJa Street.

(26) Average number of employees	2014	2013
Average number of employees during the reporting year:	287	277
Management remuneration	31.12.2014.	31.12.2013.
(27)	EUR	EUR
Board members' remuneration	127 668	25 643
salary expenses	27 943	6 178
social insurance	155 611	31 821

Notes (continued)

(28) Information by segment and revenue

Based on the nature of the services the Parent Company's operations can be divided as follows. Sale of pledges taken over	Secured loans	Non-secured loans	Other activities	Total
---------------------------------------------------------------------------------------------------------------------------------	---------------	-------------------	------------------	-------	--

	EUR				2013	2014	2013	2014	2013	2014	2013
		2014	2013	2014
	Assets	1 594 965	1 928 478	2 942 792	2 194 722	4 477 729	3 419 522	1 793 024	2 492 509	10 808 510	10 035 231
	Liabilities of the	140 309	170 162	2 804 051	2 260 632	4 273 634	3 501 475	1 574 553	2 296 561	8792 547	8 228 830
	segment		1 713 139	3 299 587	2 893 722	5 271 144	4 298 867	86 598	89 471	10 517 810	8 995 199
	Income Net performance of the segment Net financial	1 860 481 258 226	235 270	899 696	486 677	259 325	(233 927)	(107 685)	(117 740)	1 309 562	370 280
	income (expenses)	(142)	(2781)	(385 640)	(496 998)	(744 349)	(773 077)	(45 327)	(150 004)	(1 175 458)	(1 422 860)
	Profit (loss) before taxes	292 267	361 040	1 018 297	746 841	293 510	(358 978)	(121 881)	(180 680)	1 482 193	568 223
	Corporate income tax	(34 040)	(125 769)	(118601)	(260 164)	(34 185)	125 051	14 195	62 939	(172631)	(197 943)
	Other information Fixed assets and intangible assets (NBV) Depreciation	131 316	149 941	131 316	149 941	131 317	149 940			393 949	449 822
1	and amortisation during the reporting period	(83 116)	(71 351)	(83 115)	(71 351)	(83 115)	(71 350)			(249 346)	(214 052)
				2 164 518	1 666 949	3 699 455	2 891 749	1 779 558	2 489 663	7 643 531	7 048 361
	Loans issued			2 584 227	2 022 186	3 932 139	3 150 698	1 574 553	2 296 560	8 090 919	7 469 444
	Loans received

Based on the nature of the services the Group's operations can be divided as follows.

Secured of the find of an any of Secured Joans . . . . . Non-secured loans s the Group's operations can be divided as follows. Sale of pledges taken over

Total

EUR	2014	2013	2014	2013	2014	2013	2014	2013	2014	2013
Assets	1 595 880	1 936 177	2 943 863	2 230 961	4 907 137	3 797 238	1 514 559	2 455 036	10 961 439	10 419 412
Liabilities of the segment	123 885	170 892	2773642	2 302 532	4 631 355	3 856 899	1 308 430	2 266 527	8 837 312	8 596 850
Income	1 575 436	1 713 139	3 299 587	2 893 722	5 784 754	4 324 918	86 598	89 471	10 746 375	9 021 250
Net performance of the segment	135 991	237 688	906 800	499 231	466 184	(238 944)	(107 412)	(118 858)	1 401 563	379 117
Net financial income (expenses)	(117)	(2772)	(370 171)	(462 915)	(800 491)	(809 628)	(45 327)	(150 004)	(1 216 106)	(1 425 319)
Profit/(loss)	154 951	361 435	1 033 226	759 146	531 179	(361 704)	(122 388)	(180 737)	1 596 968	578 140
before taxes Corporate income tax	(18 960)	(123 336)	(126 426)	(258 919)	(64 995)	121 752	14 976	61 480	(195 405)	(199 023)
Other information Fixed assets and intangible assets (NBV) Depreciation	131 316	149 941	131 316	149 941	131 317	149 940			393 949	449 822
and amortisation during the reporting period	(83 116)	(71 351	(83 115)	(71 351)	(83 115)	(71 350)			(249 346)	(214 052)
			2 164 518	1 666 949	4 127 792	3 233 226	1 503 939	2 455 037	7 796 249	7 355 212
Loans issued			2 543 207	2 059 657	4 239 282	3 505 667	1 308 430	2 266 527	8 090 919	7 831 851
Loans received

Notes (continued)

(29) Rent and lease agreements

The Company has concluded 97 rental agreements effective as at 31.12.2014. The term of the agreements varies from 110 11 The Company has concluded 97 rental agreements enective as at 31.12.2014. The ton one and one of the agreements concluded.

	31.12.2014. EUR	31.12.2013. EUR
< 1 year 2 - 4 years	95 516 1 291 646 1 062 977	56 309 1 591 862 643 651
5 years and more	2 450 139	2 291 822

(30) Related party transactions

In the annual report there are presented only those related parties with whom have been transactions the reporting year or in omperative period

1110 POLUNDIANIA PATION.	Transactions in 2014	Transactions in 2013
Related party
Parent company's owners (from 30.10.2013)
"Express Holdings, SIA, reg. No. 40103718685	X	N/A
"AE Consulting", SIA, reg. No. 40003870736	X	×
"Ebility", SIA, reg. No. 40103720891	X	×
Companies and individuals under common control or significant
influence	X	X
Agris Evertovskis, p.k. 081084-10631	×	X
Edgars Bilinskis, p.k.310782-10537	X
"Dotcom Enterprises" AS, reg. No. 40103684497
Subsidiary
ExpressInkasso"SIA (previously "Lombards24" SIA), reg. No. 40103211998	X	×
Other related companies
ABS Holding LIMITED, C41264	X	×
"Infrastructure Investments" AS, reg. No. 40103242023	X	×
"Naudasklubs" SIA, reg. No. 40103303597	X	×
"Inin 7" SIA, reg. No. 42103059064	N/A	×
"A.Kredīts" SIA, reg. No. 40103501494	×	×
"ExpressCreditEesti" OU, reg. No. 12344733	X	×
	X	N/A
"Tigo.lv" SIA , reg. No. 40103653497 "PH investīcijas", SIA, reg. No. 42103057909	X	×

All the transactions have been performed at market rates.

	2014 EUR	CUIJ EUR
Parent company transactions with:
Owners of the parent company (from 30.10.2013)
Interest paid	6 915	5 603
Interest received	66 128
Loans received	203 775	35 571
Loans repaid	203 775	1 600 897
Loans issued	8421
Loan repayment received	721 540
	1 100 000	42 373
Dividends paid
Subsidiaries
Cession of loans	1 044 659	357 585
Companies and individuals under common control or significant
influence
Cession of loans		1 942 056
Loans issued	653 034	480 818
Loan repayment received	647 884
Loans received	698 000
Loans repaid	698 000	259 893
Dividends paid		40 711
Interest received	6219	80 456
Interest paid	7 963
Services received		42 071
Services delivered	7 680

(30)	Related party transactions (continued)
		2014	2013
		EUR	EUR
	Parent company's transactions with:
	Other related companies	18 236	17 127
	Goods sold	24 495
	Goods received	9 281	141
	Fixed assets received	32 000	89 075
	Fixed assets sold	139 032	15 474
	Services received	18 305	511 182
	Services delivered	418 913	310 634
	Loans issued	824 928	4 840 557
	Loan repayment received Loans received	95 000 2 159 600	4 893 557
		7 142	6107
	Loans repaid Interest received	20 002	990 248
	Interest paid		2 846
	Shares sold
		2014	2013
		EUR	EUR
	Group's transactions with:
	Owners of the parent company (from 30.10.2013)	6915	5 603
	Interest paid	67 002
	Interest received	203 775	35 571
	Loans received	203 775	1 600 897
	Loans repaid	39 421
	Loans issued	721 540
	Loan repayment received	1 100 000	42 373
	Dividends paid
	Companies and individuals under common control or significant
	influence		1 942 056
	Cession of loans	326 875	480 818
	Loans issued	302 725
	Loan repayment received	690 000
	Loans received	690 000	259 893
	Loans repaid		40 711
	Dividends paid	5 543	80 456
	Interest received	7963
	Interest paid
	Other related companies	18 236	17 127
	Goods sold	24 495
	Goods received	9 281
	Fixed assets received	32 000	141
	Fixed assets sold	139 032	89 075
	Services received	18 305	15 474
	Services delivered	418 913	511 182
	Loans issued	824 928	310 634 4 840 557
	Loan repayment received	95 000	4 893 557
	Loans received	2 159 600	6107
	Loans repaid	7 142	990 248
	Interest received	20 002	2 846
	Interest paid Shares sold

(31) Guarantees issued

As at 31 December 2014 the Parent company has issued guarantees to the Company and other related companies
in the counter of sere under the terms of financial lease. The t As at 31 December 2014 the Parent company has issued guarantees to the Unipally and Online Parl Company of Collection
for the purchase of cars under the terms of financial le

(32) Subsequent events

(32) Subsequent event company and the Riga City Council has signed a contract for the purchase of 669 148 (100%)
Course of Slice City Rewsphon", which have been acquir On 12 February 2015 the Parent onpany and the Rigation in the Floritiase in Sor Horner (180 )
shares of SlA "Riga City Pawnsho", which have been acquired paticipating On 12 February 2015 the Facebooks of States of Stational in the Tire addition "The The Barbas provinsion in the Sunday Provinsion
EUR 880 000, the full amount was transfered Company Register.

Company register on other subsequent events since the last date of the reporting year, which would have a
continued offee are the financial position of the Company as at 31 D Except for the above, there are no other subsequent events smoother and as a
significant effect on the financial position of the Company as at 31 December 2014.

INDEPENDENT AUDITORS' REPORT Translation from Latvian

To the Shareholders of SIA ExpressCredit

Report on the Financial Statements of SIA ExpressCredit as a separate entity and the Consolidated Financial Statements of SIA ExpressCredit group

We have audited the accompanying financial statements of SIA ExpressCredit as a separate entity and consolidated We have audited the accompanying manual statements on One expressed to 31 of on ages T to 31 of Inflancial statentients of OR ExpressCredit as a separate entity and SH Express Credit groupt on conprising the the accompanying annual report of Sin Expressoredit as a soparate of changes in equity and cash flow balance sheets as of 31 December 2014, the profit of 1600 betternolities and other explanatory information.

Management's Responsibility for the Consolidated Financial Statements

Management of the holding company of the Group is responsible for the preparation of the presentation of the more of Management of the noding company of the Group is to a separate entity and consolicated financial statements of accompanying tinancial statellients of SIA Expressoned by the European Union, and for the Group in accordance with memational Timanola Nopen to enable the preparation of the separate and such littenfall control as management as a moments in misstatement, whether due to fraud or error.

Auditors' Responsibility

Audions Responsibility is to express an opinion on the accompanying consolidated financial stations require that we combin Our responsibility is to express an opinion on the acounting. Those Standards require that we comply We conducted our audit in accordance with hitemational Clandards on Flash of the consolidated financial statements are free from material misstatement.

financial statements are nee normality in the amounts and tisclosures in the consolidated An audit involves performing procedures to obtain and the auding the assessment of the risks of financial statement of the procedures selected deports, when due to fraud or error. In making those risk of the material missialent of the consolution to the entity's preparation and fair presentation of the presentation of the pircumstances, but not consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not consolidated financial statements in older to design and in the entity's internal control. An audit also includes made hy for the purpose of expressing an opinion on the reasonableness of accounting estimates made by evaluating the appropriation of abounter presentation of the consolidated financial statements.

management, as well as evaluating the overall prescritation of the obliedled into new developmine.
We believe that the audit evidence we have obtained is sufficient and appro

Opinion

Opinion, the financial statements of SIA ExpressCredit as a separate entity and consolidated financial statements In our opinion, the financial statement of the Explessoredit as a separate entity and Group
of the Group give a true and fair view of the if SlA Express creat as a separated of the Group give a true and fill the milliance position of the year the year the year then ended in accordance as of 51 December 2014, aneporting Standards as adopted by the European Union.

Report on Other Legal and Regulatory Requirements

We have read the management report for 2014 set out on page 5 and did not identify material inconsistencies of SH We have read the management report for 2014 second in page a and that contained in the financial statements of SIA the linancial information oontainou in knownliked financial statements of the Group for 2014.

Report on Corporate Governance Statement

We have read the Corporate Governance Statement for 2014 set out on page 6 and did not identify material inconsistencies this Statement.

On behalf of SIA Potapoviča un Andersone, Certified Auditors Company Licence No. 99

Kristīne Potapoviča

Responsible Certified Auditor Certificate No. 99 Chairperson of the Board

30 April 2015, Riga, Latvia

Potapoviča un Andersone SIA Reģistrācijas numurs 40003612562

Ūdens iela 12-45, Rīga, LV-1007, Latvija T +371 67607902 F +371 67807092 www.p-a.lv

POTAPOVIČA ANDERSONE